Quikr attracts private equity investment worth $32 mn

Quikr, the internet and mobile based classified ads firm, has raised $32 million (Rs 176 crore) from overseas investors including Warburg Pincus in the fifth round of funding.

Other private equity investors were Matrix Partners India, Norwest Venture Partners and eBay Inc.

"In the initial rounds of fund raising, we have already attracted some of the best investors across the globe. We are delighted to have a strategic partner like Warburg Pincus as we continue our journey forward," Quikr co-Founder and CEO Pranay Chulet said.

Nearly 17 million individuals and small businesses across 83 cities access Quikr every month to sell, buy, rent or find products and services in a variety of categories. They include electronics items, auto, real estate, jobs, education and entertainment.

"The current round, which is our largest to date, will enable us to diversify our offerings across both online and mobile platforms, intensify our product development efforts and further strengthen our marketing capabilities," Chulet added.

Warburg Pincus India Managing Director Nitin Nayar said, "Globally, Warburg Pincus has been a leading investor in the technology, media and telecommunications (TMT) sectors for more than 25 years. We look forward to working closely with the management team to build on the company's success and accelerate its growth plans."

In the previous four round of funding, Quikr is estimated to have raised over $18 million from investors including Nokia Growth Partners, Norwest Venture Partners, eBay Inc, Omidyar Network, Matrix Partners India.